Extraordinary General Meeting of Levante UD Approves Capital Increase
There are no reactions yet. Be the first!
The Extraordinary General Meeting of Shareholders of Levante UD has approved a capital increase involving the issuance of 48,975 new shares at a price of 80.10 euros each, of which 60.10 euros correspond to the nominal value and 20 euros to the share premium.
Background of the Capital Increase
On March 14, the Levante "Cent Anys" Foundation, Bizas Trading Company SL (owned by investor José Danvila), and Levante U.D., S.A.D. reached an agreement to carry out a capital increase in Levante UD amounting to 2,943,397.50 euros. This increase involves the issuance of 48,975 new shares at the aforementioned price. The purpose of this capital increase is to allow minority shareholders to maintain their percentage of ownership in the company after the entry of Bizas Trading Company SL into the shareholding structure. This follows a capital increase through the compensation of credits, which diluted the participation of small shareholders, a situation this capital increase aims to rectify.
Participation Details
As per the agreement, neither the Foundation nor Bizas will participate in this capital increase, nor will they transfer or assign their preferential subscription rights to third parties. This reinforces the intent of the agreement's participants that the capital increase is solely aimed at minority shareholders interested in maintaining their percentage of ownership. If the subscription to the capital increase is complete, the Foundation, Bizas, and the small shareholders would each hold a similar percentage of approximately 33% of the company.
Structure of the Capital Increase
The capital increase will be structured in two phases:
Phase 1: Sale of Shares
All Levante UD shareholders, except Bizas Trading Company SL and the Cent Anys Foundation, can purchase additional shares equivalent to their current holdings. For example, a shareholder with one share can purchase one additional share (1x1).
Phase 1 will commence the day after the publication of the capital increase agreement in the BORME (Official Gazette of the Mercantile Registry) and will last for 1 month. The exact start date will be announced on the company's communication platforms.
Phase 2: Sale of Shares
Shareholders who acquired shares in Phase 1 can purchase additional shares in Phase 2, up to a maximum of 5 shares per shareholder.
Phase 2 will also last for 1 month, starting the day after Phase 1 concludes.
Where to Acquire Shares
Shares can be purchased at the club's offices located at Calle San Vicente de Paúl, 44, Valencia, from Monday to Friday during regular business hours from 8:30 AM to 1:30 PM.
This capital increase aims to strengthen Levante UD's financial structure and ensure fair participation for all shareholders interested in maintaining or increasing their stake in the club.
